Florida’s Attorney General Bill McCollum, Chief Financial Officer Alex Sink and Insurance Commissioner Kevin McCarty announced on May 23, 2008 that the state reached a settlement with insurance brokerage firm Aon Corp.  According to the Florida agencies, Aon had received, and failed to disclose,  compensation for placing insurance coverage for Florida policyholders.

Under the agreement, Aon will pay a total of $4 million: $2.6 million to Florida to reimburse affected policyholders; and $1.4 million in fees and costs to reimburse the three Florida agencies for their investigations.

“Florida is committed to ensuring that insurance transactions are both transparent and fair,” said Chief Financial Officer Sink.  “When we determine that an insurance broker is not clearly disclosing the amount and nature of all fees and commissions, we will take decisive action on behalf of Florida consumers.”